Was it worth the angst?

The main theme in the media lately has been the secret bank accounts and transactions of the rich and powerful – two articles which I could highly recommend…

http://www.irishtimes.com/business/panama-papers

New Zealand Foreign Trusts and the Unaoil Scandal: More Chickens Coming Home to Roost, and They’re Big

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Take note that in international business it is necessary to maintain legitimate offshore companies and trusts – the ability to be certain and have a committed banking partner and lawyers to assist with due diligence and settlement.

Yes – there are a lot of conmen operating in every transaction who seek to join the daisy chain – there are also a lot of sleaze bags that that receive corrupt compensation and involved in illegal activities.

I can imagine the angst among the players in these offshore trusts – and yes – in Panama Soros’ foundation gets a mention.

Now that is one mealy mouthed carpetbagger that I have no time for – plus he is an American citizen to boot – so FATCA applies to the carpetbagger.

FATCA is a mine field – for all Banks – compliance is costly so the Banks just refuse to open an account in any Americans name – to avoid problems.

Introduced by the US Government to help in tax avoidance against US citizens.

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The problem is that it is strong legislation – too strong and it appears a lot of corrupt politicians are now seeking to have amendments made for their mates.

http://www.forbes.com/sites/robertwood/2012/07/17/more-bad-news-for-fatca/

 

 

 

 

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